Year 9 NSW » Commerce » Personal finance » Income

Topic : Income

In this topic you will learn...

Chapter 1 : Concept of income

Chapter 2 : Voluntary and involuntary expenditure

Expenditure is money that you pay for goods or services
Voluntary expenditure is money that you willingly pay for goods or services
Involuntary expenditure is money that you unwillingly pay through force of law or as part of your voluntary expenditure
Voluntary expenditure covers things that you want, while involuntary expenditure covers things that you need or need to pay
Involuntary expenditure may include taxes, fees, fares, tolls and superannuation as well as rent and other living expenses
Voluntary expenditure may include entertainment and luxury items
A product or service is voluntary or involuntary depending on your lifestyle
Voluntary and involuntary expenditure are not definite categories but two ends of a scale
Your individual politics may play a part in your understanding of what is voluntary or involuntary expenditure

Chapter 3 : Considerations affecting savings

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